大炼化周报：长丝价格承压，产销上升-20250713

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents a weekly update on the large refining and chemical industry, covering various aspects such as price trends, profit margins, inventory levels, and开工 rates in different sectors including polyester, refining, and chemicals. It also provides data on the stock performance and earnings forecasts of major private refining and chemical companies [2][8][9]. 3. Summary by Directory 3.1 Big Refining Weekly Data Briefing - Stock Performance and Earnings Forecast: The report tracks the price changes of 6 major private refining companies over different time - frames (weekly, monthly, quarterly, yearly, and year - to - date in 2025). It also provides earnings forecasts for these companies from 2024 to 2027, including total market capitalization, net profit attributable to shareholders, PE, and PB [8]. - Oil Prices and Refining Spreads: International crude oil prices (Brent and WTI) decreased this week. The domestic refining project spread remained stable with a 0.0% week - on - week change, while the foreign refining project spread decreased by 9.4% week - on - week [8]. - Polyester Sector: - Raw Materials and Intermediate Products: PX average price decreased by $17.0/ton week - on - week, and its spread over crude oil decreased by $29.4/ton. MEG price increased by 14.3 yuan/ton, and PTA price decreased by 185.0 yuan/ton. - Polyester Filament: POY, FDY, and DTY prices decreased, and their profit margins also declined. Inventory levels of POY, FDY, and DTY increased, while the开工 rate of polyester filament increased to 91.9%. The downstream weaving开工 rate decreased to 56.2%, and the raw material inventory of weaving enterprises decreased, while the finished product inventory increased [2][9]. - Other Polyester Products: The price of polyester staple fiber decreased, but its profit margin increased. The price of polyester bottle - grade chips decreased, and its profit margin also decreased [9]. - Refining Sector: - Domestic Refined Oil: The prices of gasoline, diesel, and aviation kerosene in China decreased this week. - US Refined Oil: The prices of gasoline, diesel, and aviation kerosene in the US increased this week. - European and Singaporean Refined Oil: The prices of refined oil products in Europe and Singapore showed different trends, with some increasing and some decreasing [9]. - Chemical Sector: The prices and spreads of various chemical products such as pure benzene, styrene, acrylonitrile, and polyethylene decreased to varying degrees [9]. 3.2 Big Refining Weekly Report - 2.1 Big Refining Index and Project Spread Trends: The report may contain data on the performance of the big refining index and the spread trends of domestic and foreign refining projects, but specific data is not fully presented in the provided text [11][12]. - 2.2 Polyester Sector: It includes multiple data series related to the polyester sector, such as the relationship between crude oil, PX, PTA, and polyester filament prices, profit margins,开工 rates, inventory levels, and production and sales rates [22][23][37]. - 2.3 Refining Sector: It provides detailed data on the relationship between crude oil and refined oil prices (gasoline, diesel, and aviation kerosene) in different regions (China, the US, Europe, and Singapore), including price spreads and changes [79][89][94]. - 2.4 Chemical Sector: It presents data on the relationship between crude oil and various chemical product prices (such as polyethylene, polypropylene, EVA, etc.), including price spreads and changes [129][130][134].